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Real efforts to re-activate marine insurance
11/9/2017 12:00 am [rtl]Baghdad / Mustafa Al Hashemi The head of the Iraqi Insurance Association, Abdul-Hassan al-Ziadi, revealed the existence of real efforts to re-activate the work of marine insurance through coordination between the insurance sector on the one hand, and the Ministry of Finance and the ministries concerned on the other, to overcome the obstacles facing the portfolio of marine insurance in Iraq, stressing at the same time the continuation of preparations To hold the comprehensive conference, which was scheduled to kick off in the past weeks. Al-Ziadi said in a statement to Al-Sabah that there is coordination between the Insurance Bureau, the Insurance Association and the Ministry of Finance to discuss this economic file, as it will provide huge funds to the state treasury. He pointed out that the insurance companies operating in Iraq should participate in the responsibility of preserving the money and preventing it from leaking to small regional companies, pointing out that this is through activating the work of marine insurance and activating it especially since it has witnessed a decline since the eighties of the last century, noting that the current stage requires an increase And diversification of financial returns from non-oil sectors. The insurance sector in Iraq represents three government insurance companies, namely the National Insurance Company, the Iraqi Insurance Company and the Reinsurance Company, along with 29 insurance companies and two branches of foreign insurance companies. He stressed the need to coordinate as soon as possible between the Ministry of Commerce and insurance companies that the Ministry of Commerce is the donor of import licenses, indicating the possibility of imposing insurance on imported goods at the local insurance companies when granting the import license, which would strengthen and activate the course of Iraqi capital in the process Economic development. According to observers, the portfolio of marine insurance has declined significantly since the eighties of the last century because of the ships and ships loaded with goods to Iraq were exposed to the dangers of the war of eight years, causing great economic damage because of companies were forced to refrain or be very cautious to grant a cover for marine insurance. In an earlier statement to Al-Sabah, Al-Ziyadi stated that it is important to urge all importers, whether local or foreign, to insure their goods with Iraqi insurance companies rather than to insure them in small regional companies that do not have the appropriate solvency to cover maritime transport risks. The capital of these companies is few and does not deserve - according to Ziadi - insurance. He explained that the importance of marine insurance in its broad concept comes to the insurance company, as it constitutes a large proportion of the gross premiums, as well as its importance for the national economy and international trade. In a related context, Ziadi said that the comprehensive insurance conference, which was to be held between all insurance companies to discuss mechanisms and ways to reactivate this sector has been temporarily postponed due to the importance of activation of marine insurance at the present time. "The insurance association reviewed the preparations for this conference under the supervision of the Insurance Bureau and the Ministry of Finance being the sectoral body to which the insurance companies follow." He explained the importance of this conference because it will be the first step and serious to activate the insurance sector, especially private insurance companies after discussing the obstacles and problems faced. He pointed out that the conference will be held in all cases, pointing out that this event will resonate on the ground, especially that the conference will receive attention and coverage of the media and away from being a platform speech.[/rtl] [rtl][You must be registered and logged in to see this link.][/rtl] |
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